Independent Bank (NASDAQ:INDB) Sets New 52-Week High – Should You Buy?

by · The Markets Daily

Independent Bank Corp. (NASDAQ:INDB – Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $70.63 and last traded at $70.46, with a volume of 2144 shares. The stock had previously closed at $63.20.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Keefe, Bruyette & Woods raised their price objective on Independent Bank from $62.00 to $65.00 and gave the stock a “market perform” rating in a research report on Monday, October 21st. Seaport Res Ptn upgraded Independent Bank from a “hold” rating to a “strong-buy” rating in a report on Monday, July 22nd. StockNews.com downgraded Independent Bank from a “hold” rating to a “sell” rating in a report on Tuesday, September 17th. Finally, Raymond James upgraded Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 target price for the company in a report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $69.50.

Get Our Latest Research Report on Independent Bank

Independent Bank Stock Performance

The company has a 50-day simple moving average of $61.32 and a two-hundred day simple moving average of $56.37. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.24. The firm has a market cap of $3.00 billion, a PE ratio of 15.35 and a beta of 0.73.

Independent Bank (NASDAQ:INDB – Get Free Report) last issued its earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.02. The firm had revenue of $250.07 million for the quarter, compared to analyst estimates of $173.24 million. Independent Bank had a return on equity of 6.79% and a net margin of 20.26%. During the same period in the previous year, the company posted $1.38 earnings per share. As a group, equities research analysts forecast that Independent Bank Corp. will post 4.5 earnings per share for the current year.

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 30th were paid a dividend of $0.57 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.23%. Independent Bank’s payout ratio is 49.57%.

Hedge Funds Weigh In On Independent Bank

A number of institutional investors have recently added to or reduced their stakes in INDB. Louisiana State Employees Retirement System boosted its holdings in Independent Bank by 0.9% during the 2nd quarter. Louisiana State Employees Retirement System now owns 21,400 shares of the bank’s stock valued at $1,085,000 after acquiring an additional 200 shares during the period. CWM LLC boosted its holdings in Independent Bank by 2.7% during the 2nd quarter. CWM LLC now owns 8,704 shares of the bank’s stock valued at $441,000 after acquiring an additional 232 shares during the period. Aries Wealth Management boosted its holdings in Independent Bank by 1.5% during the 2nd quarter. Aries Wealth Management now owns 16,122 shares of the bank’s stock valued at $818,000 after acquiring an additional 232 shares during the period. Stablepoint Partners LLC boosted its holdings in Independent Bank by 1.2% during the 3rd quarter. Stablepoint Partners LLC now owns 23,033 shares of the bank’s stock valued at $1,362,000 after acquiring an additional 283 shares during the period. Finally, Illinois Municipal Retirement Fund raised its position in Independent Bank by 1.8% during the 1st quarter. Illinois Municipal Retirement Fund now owns 25,325 shares of the bank’s stock valued at $1,317,000 after purchasing an additional 443 shares during the last quarter. 83.40% of the stock is currently owned by institutional investors.

About Independent Bank

(Get Free Report)

Independent Bank Corp. operates as the bank holding company for Rockland Trust Company that provides commercial banking products and services to individuals and small-to-medium sized businesses in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.

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